USDJPY breakout of rising wedge!

OANDA:USDJPY   U.S. Dollar / Japanese Yen
For the past 2 weeks, many traders have tried to join the uptrend on USDJPY .
Is it still a good idea? Maybe not anymore. The chart analysis on the M15, shows that we just had a breakout of a rising wedge that seemed to be very strong.
Not going to trade with any short position, but I will not even plan long positions for this week.


why "very strong" ? because 7 red candle in a row ?
@chris_fx, hi Chris, I considered it very strong because it starts with an important upper shadow that touches the top of the rising wedge, continues with a period of 14 red candles out of 15 with no important retracement (8 pips has been the only sign of retracement) and had no sign of reaction on the lower part of the rising wedge.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out